非銀金融行業：歲末年初建議重視非銀投資機會

中信建投證券股...

12/15

核心觀點證券：2026 年政策利好驅動業績持續增長，板塊有望重新定價。保險：利率企穩回升有望帶動估值修復，壽險看好2026 年開門紅新單增速超預期，財險看好非車險「報行合一」帶動承保利潤較快增長。香港市場及港交所觀點：聯儲局降息背景下，港股市場流動性寬鬆，關注非銀板塊向上彈性。多元金融觀點：把握消費金融行業β與龍頭公司α共振機遇。摘要證券：2026 年政策利好驅動業績持續增長，板塊有望重新定價。...

網頁鏈接

免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。

熱議股票

{"basename":"/hant","ssrTDKData":{"titleTemplate":"%s - 老虎證券","title":"老虎证券全球投资理财平台| 一站式投资美股新股港股A股","description":"老虎证券助您一站式投资美股，新股，港股，A股等全球金融理财产品。新加坡华人最信赖的在线投资平台，现在加入即享低费用，24/5 无时差炒美股投资理财！","keywords":"老虎證券,老虎證券開戶,老虎券商,老虎證券官網,老虎證券app,tigertrade老虎證券,股票,炒股,新加坡股票交易平臺,投資,投資理財","social":{"ogDescription":"老虎证券助您一站式投资美股，新股，港股，A股等全球金融理财产品。新加坡华人最信赖的在线投资平台，现在加入即享低费用，24/5 无时差炒美股投资理财！","ogImage":"https://c1.itigergrowtha.com/portal5/static/media/og-logo.be62fbe1.png","ogUrl":"https://www.itiger.com/hant/news/2591615639"},"companyName":"老虎證券"},"pageData":{"isMobile":false,"isTiger":false,"isTTM":true,"region":"SGP","license":"TBSG","edition":"fundamental"},"isCrawlerRequest":true,"__swrFallback__":{"@#url:\"https://stock-news.skytigris.cn/v3/news\",params:#id:\"2591615639\",edition:\"fundamental\",auth_exemption:1,,,undefined,":{"share":"https://ttm.financial/m/news/2591615639?lang=zh_TW&edition=fundamental","thumbnail":"","is_english":false,"pubTime":"2025-12-15 15:22","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2591615639","market":"hk","top_or_hot":-1,"title":"非銀金融行業：歲末年初建議重視非銀投資機會","media":"中信建投證券股...","content":"<div>\n<p>核心觀點證券：2026 年政策利好驅動業績持續增長，板塊有望重新定價。保險：利率企穩回升有望帶動估值修復，壽險看好2026 年開門紅新單增速超預期，財險看好非車險「報行合一」帶動承保利潤較快增長。香港市場及港交所觀點：聯儲局降息背景下，港股市場流動性寬鬆，關注非銀板塊向上彈性。多元金融觀點：把握消費金融行業β與龍頭公司α共振機遇。摘要證券：2026 年政策利好驅動業績持續增長，板塊有望重新定價。...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251215152241a6a40abf&s=b\">網頁鏈接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>非銀金融行業：歲末年初建議重視非銀投資機會</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n非銀金融行業：歲末年初建議重視非銀投資機會\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">中信建投證券股...</strong><span class=\"h-time small\">2025-12-15 15:22</span>\n</p>\n</h4>\n</header>\n<article>\n<div>\n<p>核心觀點證券：2026 年政策利好驅動業績持續增長，板塊有望重新定價。保險：利率企穩回升有望帶動估值修復，壽險看好2026 年開門紅新單增速超預期，財險看好非車險「報行合一」帶動承保利潤較快增長。香港市場及港交所觀點：聯儲局降息背景下，港股市場流動性寬鬆，關注非銀板塊向上彈性。多元金融觀點：把握消費金融行業β與龍頭公司α共振機遇。摘要證券：2026 年政策利好驅動業績持續增長，板塊有望重新定價。...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251215152241a6a40abf&s=b\">網頁鏈接</a>\n\n</div>\n\n<div class=\"bt-text\">\n\n\n<p> 來源：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251215152241a6a40abf&s=b\">中信建投證券股...</a></p>\n<p>為提升您的閱讀體驗，我們對本頁面進行了排版優化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0463099449.HKD","symbol_name":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) ACC","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251215152241a6a40abf&s=b","article_id":"2591615639","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251215152241a6a40abf&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2591615639","pubTimestamp":1765783359,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"核心觀點證券：2026 年政策利好驅動業績持續增長，板塊有望重新定價。保險：利率企穩回升有望帶動估值修復，壽險看好2026 年開門紅新單增速超預期，財險看好非車險「報行合一」帶動承保利潤較快增長。香港市場及港交所觀點：聯儲局降息背景下，港股市場流動性寬鬆，關注非銀板塊向上彈性。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"82318":"中国平安-R","601318":"中国平安","LU0463099449.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) ACC","LU0348816934.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (USD)","BK1550":"内险股","LU0197773673.USD":"HSBC GIF ASIA PACIF EX JAPAN EQ HD \"AS\" (USD) INC","LU0315178854.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"A\" ACC","LU1807302812.USD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (USD) ACC","03360":"远东宏信","02601":"中国太保","PNGAY":"中国平安ADR","LU0164872284.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0315179316.USD":"EASTSPRING INVESTMENTS ASIAN DYNAMIC \"A\" (USD) ACC","LU0823426480.USD":"法巴中国股票经典Dis","LU2293587155.HKD":"ALLIANZ ORIENTAL INCOME \"AT\" (HKD) ACC","LU0164880469.USD":"HSBC GIF HONG KONG EQUITY \"AC\" ACC","LU0823426308.USD":"法巴中国股票基金","LU0588546209.SGD":"Eastspring Investments - China Equity Fund AS SGD","LU1051769294.HKD":"BGF EMERGING MARKETS EQUITY INCOME \"A6\"(HKDHDG) INC","02318":"中国平安","IE00BZ08YT58.USD":"GUINNESS BEST OF CHINA \"C\" (USD) ACC","HPAD.SI":"Ping An Ins HK SDR2to1","LU0328353924.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERGING MARKETS OPPORTUNITY (USD) \"P\" (USD) ACC","LU0878004406.USD":"UBS (LUX) KEY SELEC ASIA ALLOCATION OPPORTUNITY (USD) \"P\" (USD) INC","LU1366334651.USD":"ALLSPRING EMERGING MARKETS EQUITY INCOME \"I\" (USD) INC","IE00BYV24P56.USD":"GUINNESS EMERGING MARKETS EQUITY INCOME \"C\" (USD) ACC","06030":"中信证券","LU0051755006.USD":"摩根大通中国A (dist)","LU0072462343.USD":"贝莱德亚洲巨龙基金","LU0862451753.SGD":"JPMorgan Funds - Emerging Markets Dividend A (mth) SGD","LU0882747503.HKD":"UBS (LUX) KEY SELEC ASIA ALLOCATION OPPORTUNITY (USD) \"P\" (HKD) INC","LU0650527681.SGD":"Fidelity China Consumer A-SGD","IE00BMCWC346.EUR":"GUINNESS EMERGING MARKETS EQUITY INCOME \"C\" (EUR) ACC","LU1366334578.USD":"ALLSPRING EMERGING MARKETS EQUITY INCOME \"A\" (USD) INC","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","LU0797268264.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (HKD) ACC","LU1481107354.HKD":"HSBC GIF HONG KONG EQUITY \"AD\" (HKD) INC","LU0456827905.SGD":"JPMorgan Funds - China A (acc) SGD","LU0880133367.SGD":"UBS (LUX) EQUITY FUND CHINA OPPORTUNITY USD \"P\" (SGD) ACC","LU0149721374.USD":"HSBC GIF HONG KONG EQUITY \"AD\" INC","LU1719994722.HKD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (HKD) ACC","LU0348825331.USD":"ALLIANZ CHINA EQUITY \"A\" (USD) INC","LU2476274308.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (USD) ACC","LU1235295612.USD":"FIDELITY PACIFIC \"A\" (USDHDG) INC","LU0488056044.USD":"Allianz Asian Multi Income Plus Cl AM DIS USD","LU0918141887.USD":"安联亚洲实际收益股票基金","LU0865486749.SGD":"Eastspring Investments - Asian Equity Income AS SGD-H","LU0708995583.HKD":"TEMPLETON CHINA \"A\" (HKD) ACC","LU0630378692.HKD":"HSBC GIF ASIA PACIFIC EX JAPAN EQ HD \"AM2\" (HKD) INC","LU1770034418.SGD":"ALL CHINA EQUITY \"A\" (SGDHDG) ACC","HK0000320223.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) ACC","03145":"华夏亚洲高息股"},"translate_title":"Non-bank financial industry: It is recommended to pay attention to non-bank investment opportunities at the end of the year and the beginning of the year","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"82318":0.6,"601318":0.6,"HPAD.SI":0.6,"02601":0.9,"06030":0.9,"02318":0.9,"PNGAY":0.6,"03145":0.6,"03360":0.9,"PAImain":0.6},"content_text":"核心觀點證券：2026 年政策利好驅動業績持續增長，板塊有望重新定價。保險：利率企穩回升有望帶動估值修復，壽險看好2026 年開門紅新單增速超預期，財險看好非車險「報行合一」帶動承保利潤較快增長。香港市場及港交所觀點：聯儲局降息背景下，港股市場流動性寬鬆，關注非銀板塊向上彈性。多元金融觀點：把握消費金融行業β與龍頭公司α共振機遇。摘要證券：2026 年政策利好驅動業績持續增長，板塊有望重新定價。2025 年證券行業進入新一輪增長週期，但券商股票因缺少獨立催化、前兩年悲觀情緒的延續等原因而導致超額收益不佳。當前「服務新質生產力+中長期資金入市+券商國際化機遇」三大核心利好邏輯尚未被市場充分定價，其驅動的投行、資管、國際業務等新動能，有望在2026 年後逐步兑現至行業基本面， 為中長期業績彈性與韌性提供堅實支撐，無需擔憂增長斷層。保險：建議重視保險板塊業績增長與估值修復的戴維斯雙擊投資機會。當前我們認為利率企穩回升帶來的估值修復有望成為保險板塊行情的主要驅動。此前在長端利率趨勢下行背景下，由於保險資金整體配置結構中約75%-80%為固收類資產，市場對上市險企未來長期投資收益的預期較為悲觀，也直接對壽險板塊估值帶來壓制，但近期長端利率呈企穩回升態勢，目前10 年國債收益率已處於1.8%以上，有望帶動上市險企估值修復。而且，我們認為即使在1.5%-1.6%的較為保守的長端利率預期下， 上市險企估值修復仍有空間，其中中國平安、中國太保估值修復空間預計相對更大。在此基礎上，上市險企在業績方面亦有支撐，其中壽險看好2026 年開門紅新單增速超預期，財險看好非車險「報行合一」帶動承保利潤較快增長。香港市場及港交所觀點：聯儲局降息背景下，港股市場流動性寬鬆，關注非銀板塊向上彈性。12 月以來港股市場有所恢復，恒生指數+0.46%，恒生科技指數+0.70%，香港市場整體跑贏M S CIWorld Index 的0.21%。資產端，截至12 月12 日港股整體市值為48.13 萬億港元，較11 月底+0.28%；資金端，12 月以來港股成交活躍度有所下降；ADT 為1969.64 億港元，環比-14.62%","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}